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Power to suspend, reduce or abolish any existing tax.- (1) The corporation may, except as otherwise provided in clause (b) of the proviso to section 146 at any time for sufficient reason suspend, modify or abolish any existing tax. (2) The provisions of this Chapter relating to the imposition of taxes shall apply so far may be to the suspension, modification or abolition of any tax. 1[108. Description and class of property tax.-(1) Unless exempted under this Act or any other law, property tax shall be levied every year on all 2[buildings or vacant lands or both]2 situated within the city.